MEDX Horizon Kinetics Medical ETF

ETF

ETF quote, holdings, sector allocation, technicals, and options analytics. Fibonacci levels

Market data may be delayed, incomplete, or inaccurate. Not a recommendation to buy, sell, or hold any security. Verify quotes with your broker before trading. See Terms §17.

MEDX — —
Key stats
About

Horizon Kinetics Medical ETF (MEDX) ETF

No description available.

Exchange
XNAS
Inception
1999-09-30
Has Options
No
Fund profile
holdings as of Jun 30, 2026SEC filingthrough Jun 2026flows, SEC filings
Expense ratio
0.85%
prospectus, filed Apr 27, 2026
Assets
$17M
shares × price, Oct 23, 2026
Trailing yield
1.12%
paid annual
Average daily volume
$14K
30 sessions
Holdings
33
top 10 are 67.1%
Listed
Sep 30, 1999
Nasdaq
Closure risk, 12 months
6.4%
low: trading volume · model
FrenzyCap ETF score
9
how it is built
Cost4
Liquidity0
Scale9
Diversification31

Moves with. US large-cap stocks (10% of its variance, beta 0.66); Developed markets ex-US over US (8% of its variance, beta 0.47); Value over growth (6% of its variance, beta 0.37); Long Treasuries (4% of its variance, beta 0.23). These factors explain 33% of its daily moves over the last year, so most of what drives this fund is something else.

Stated objective. Horizon Kinetics Medical ETF ( Medical ETF or the Fund) seeks to provide long-term growth of capital. (from the fund's prospectus)

All 33 holdingsFlow historySimilar fundsOverlap toolAll Health Care ETFs

Fund flows
through Jun 2026SEC filings
Jun 2026
−$862K
latest reported month
Latest 3 months
−$862K
−4.5% of assets
Latest 12 months
−$1.8M
−9.3% of assets
Jul 2025: +$687K+$687KAug 2025: $0AugSep 2025: $0Oct 2025: −$787KOctNov 2025: $0Dec 2025: $0DecJan 2026: $0Feb 2026: $0FebMar 2026: −$809KApr 2026: $0AprMay 2026: $0Jun 2026: −$862K−$862KJun
View as a table
Net flows of MEDX by month, Jul 2025 to Jun 2026
MonthNet flow
Jun 2026−$862K
May 2026$0
Apr 2026$0
Mar 2026−$809K
Feb 2026$0
Jan 2026$0
Dec 2025$0
Nov 2025$0
Oct 2025−$787K
Sep 2025$0
Aug 2025$0
Jul 2025+$687K

Net creations and redemptions from the fund's SEC filings, which become public about 60 days after each quarter. Every month since 42 months ago

Similar funds
FundOverlapFeeAssets1Y
PPHVanEck Pharmaceutical ETF48%0.36%$1.1B+24.5%compare
TRUHVanEck Healthcare TruSector ETF44%—$833K—compare
XLVState Street Health Care Select Sector SPDR ETF44%0.08%$47.7B+22.8%compare
IYHiShares U.S. Healthcare ETF43%0.37%$4.5B+22.7%compare
FTXHFirst Trust Nasdaq Pharmaceuticals ETF42%0.60%$1.1B+45.3%compare

Ranked by how much of the two portfolios is the same securities.

Look-through: what the holdings say
weights as of Jun 30, 2026SEC filing
Holdings vs fair value
+2.6%
19% under, 11% over · 83% covered
Price / earnings
—
15% loss-making · 81% covered
Price / book · sales
5.6 · 6.0
revenue growth +11.2%
Above 200-day average
70%
64% above 50-day · by weight
Short interest
4.8%
of float, weighted · 4.5 days to cover
Insider buying
8%
of weight had net insider buying, 90 days; 49% net selling
13F holders
+0.9%
change in shares held by institutions, latest quarter
Reporting earnings
61.0%
of weight in 7 days; 77.1% in 14
Largest contributors below fair value
Largest contributors above fair value

Each figure is the fund's holdings weighted by position size, using our data on those stocks, and covers only the share of the stock holdings stated. Positive fair value means the holdings trade below our estimate.

What changed in the portfolio
Dec 31, 2025 → Mar 31, 2026
ActionHoldingWeight beforeWeight afterShares vs flows
New positionAstraZeneca PLC—5.71%—
ExitAZNAstraZeneca PLC5.33%——

0 new, 0 exited, 0 increased and 0 decreased between the fund's two latest holdings reports; turnover 6.7%. Full holdings and history

Under the hood
fiscal year to Dec 31, 2025SEC census
Authorized participants
2 active
of 2 with agreements; top 3 did 100%
Created · redeemed
$2.0M · $2.8M
over the fiscal year
Redemptions in kind
93%
creations 93% in kind
Creation unit
25,000
shares
Securities lending
3.59%
of assets on loan on average; earned 27.4 bp
Diversification status
Non-diversified
may concentrate in fewer issuers

From the fund's annual census filing with the SEC. In-kind redemptions are what let an ETF shed appreciated securities without realising gains.

ETF Profile
holdings as of 2026-06-30
Holdings
33
AUM
$19.4M
Provider
Nport
Inception
1999-09-30
Exchange
XNAS
Data As Of
2026-06-30
Expense Ratio
0.85%
Dividend Yield
1.12%
Distribution
Annual
Recent distributions
Ex-Date Pay Date Amount Type
2025-12-23 2025-12-24 $0.4088 CD
2024-12-24 2024-12-26 $0.5071 CD
2023-12-27 2023-12-29 $1.6423 CD
Asset Allocation
Top Holdings
top 33 of 33 holdings
Symbol Name Weight % Asset Class Country
LLY Eli Lilly & Co 18.46% Equity (common) US
— US BANK MMDA - USBGFS 7 9.19% Short-term investment US
ABBV AbbVie Inc 8.85% Equity (common) US
NVS Novartis AG 6.89% Equity (common) CH
JNJ Johnson & Johnson 5.59% Equity (common) US
— Alkermes PLC 5.53% Equity (common) IE
— AstraZeneca PLC 4.98% Equity (common) GB
IONS Ionis Pharmaceuticals Inc 4.53% Equity (common) US
BMY Bristol-Myers Squibb Co 4.42% Equity (common) US
MRK Merck & Co Inc 3.96% Equity (common) US
AMGN Amgen Inc 3.91% Equity (common) US
ALNY Alnylam Pharmaceuticals Inc 3.42% Equity (common) US
BIIB Biogen Inc 3.09% Equity (common) US
PFE Pfizer Inc 2.86% Equity (common) US
GSK GSK PLC 2.71% Equity (common) GB
— CRISPR Therapeutics AG 2.64% Equity (common) CH
REGN Regeneron Pharmaceuticals Inc 2.06% Equity (common) US
BEAM Beam Therapeutics Inc 1.51% Equity (common) US
GALT Galectin Therapeutics Inc 1.14% Equity (common) US
NTLA Intellia Therapeutics Inc 1.12% Equity (common) US
SDZNY Sandoz Group AG 0.80% Equity (common) CH
REPL Replimune Group Inc 0.73% Equity (common) US
VNDA Vanda Pharmaceuticals Inc 0.73% Equity (common) US
HLN Haleon PLC 0.60% Equity (common) GB
LTRN Lantern Pharma Inc 0.55% Equity (common) US
EDIT Editas Medicine Inc 0.47% Equity (common) US
GEHC GE HealthCare Technologies Inc 0.28% Equity (common) US
BCYC Bicycle Therapeutics PLC 0.28% Equity (common) GB
VTRS Viatris Inc 0.26% Equity (common) US
ALLO Allogene Therapeutics Inc 0.18% Equity (common) US
PACB Pacific Biosciences of Califor 0.09% Equity (common) US
DCOY Decoy Therapeutics Inc 0.00% Equity (common) US
— Pathos AI Inc 0.00% Equity (common) US
Geographic Breakdown
Non-Equity Breakdown
Horizon Kinetics Medical ETF · NPORT-P period 2026-06-30 (filed 2026-08-26)
Net assets: $19M · 33 total positions · equity 92.64% · non-equity 9.19%
Non-equity holdings — 1 positions, 9.19% of NAV
Category Weight Value Positions
Short-term investment 9.19% $1.8M 1
Chart
Seasonality
Month'23'24'25'26Avg
Jan0.00%-1.15%3.91%0.96%0.93%
Feb-5.26%4.54%5.23%4.61%2.28%
Mar1.14%-1.94%-3.58%-5.11%-2.37%
Apr1.43%-5.98%1.42%-3.01%-1.54%
May-2.30%1.13%-0.89%5.54%0.87%
Jun1.17%3.29%1.91%9.25%3.90%
Jul-0.50%2.23%1.20%-7.00%-1.02%
Aug1.22%2.84%2.66%5.17%2.97%
Sep-4.12%-3.32%3.00%-4.01%-2.11%
Oct-5.16%-4.17%-1.06%5.46%*-1.23%
Nov3.74%-2.80%8.94%--3.29%
Dec-3.46%-8.57%-0.57%---4.20%
Total-11.89%-13.85%23.86%10.97%2.27%
* Only 4 year(s) of data available.
Technical Indicators

Quick-reference for reading the values below. Indicators combine to confirm a view — no single one is a trade signal on its own.

Trend Indicators
  • SMA 20 / 50 / 200 — price above = uptrend, below = downtrend. SMA 50 crossing SMA 200 is the golden/death cross.
  • EMA 12 / 26 — faster-reacting averages; 12 above 26 is short-term bullish.
  • MACD — bullish when MACD > signal (green badge), bearish when below. Divergence from price often precedes reversals.
  • ADX (14) — trend strength regardless of direction. <20 range, 20–25 weak trend, 25–50 trend, >50 strong trend.
  • +DI / −DI — +DI > −DI favors bulls; the reverse favors bears. Read alongside ADX.
Momentum Oscillators
  • RSI (14) — <30 oversold, >70 overbought. 40–60 is neutral; trending names can stay extreme.
  • Stochastic %K / %D — <20 oversold, >80 overbought. %K crossing %D is an early momentum signal.
  • Williams %R — inverted scale: <−80 oversold, >−20 overbought.

Oscillators work best in range-bound markets; in strong trends they give premature reversal signals.

Volume & Volatility
  • Bollinger Bands — price at upper band = overbought, lower = oversold. Narrow bands (squeeze) often precede expansion.
  • OBV — cumulative volume; rising OBV confirms uptrend, falling OBV confirms downtrend. Divergence from price is a warning.
  • Vol SMA 20 / Vol ROC — today's volume vs. 20-day average. Positive ROC with price move = conviction.
  • ATR / True Range — average daily $ move; sizing and stop-loss reference.
  • HV 20 / 30 / 60 — realized (historical) volatility. Compare to IV on the options cards: IV > HV = rich premium.

Confluence matters: trend + momentum + volume agreeing carries far more weight than any single indicator. For how these feed the spread scanner score, see the algorithm docs →

Trend Indicators

SMA 20: $35.57
SMA 50: $35.93
SMA 200: $34.56
Current: $36.66
EMA 12: $36.15
EMA 26: $35.84
MACD: 0.3099 | Signal: 0.1935
BULLISH
ADX (14): 15.98
RANGE
+DI: 54.25
−DI: 33.73

Momentum Oscillators

RSI (14): 58.89
NEUTRAL
Stoch %K: 84.49
Stoch %D: 88.53
Williams %R: -18.85

Volume & Volatility

BB Upper: $37.16
BB Lower: $33.98
NEUTRAL
OBV: -33,398
Vol SMA 20: 338
Vol ROC: -7.03%
ATR: $0.41
True Range: $0.30
HV 20: 19.8%
HV 30: 17.7%
HV 60: 19.4%

Data Summary

Data Points: 500
Last Updated:
Date Range: 2024-10-25T00:00:00 – 2026-10-26T00:00:00
AI Analysis

LLM Stock Analysis Report: MEDX

Executive Summary

Overall assessment: NEUTRAL (confidence level 6/10)

Key drivers: Recent positive earnings beats, medium-term trend support, and low volatility.

Primary risks:

  1. Unfavorable news headlines impacting sentiment.
  2. Potential technical breakout or breakdown above/below key resistance/support levels.

Investment thesis: MEDX has demonstrated strong momentum in recent quarters, driven by impressive earnings performances. The stock's low volatility suggests a relatively stable fundamental picture. However, the absence of significant catalysts and mixed news sentiment create uncertainty around its near-term direction.

Recent news sentiment impact: NEUTRAL (neutral headlines and no clear sentiment trends)

Technical Analysis

Trend Direction: Medium-term uptrend (1-3 months) with a short-term sideways consolidation phase (1-4 weeks).

Support/Resistance Levels:

  • Resistance: $36.66 (SMA 20), $38.17 (Bollinger Bands Upper)
  • Support: $35.14 (Bollinger Bands Lower)

Momentum Signals:

  • RSI interpretation: NEUTRAL (39.89, close to the middle of the range)
  • MACD signal: BULLISH (0.07 / Signal: -0.22 / Histogram: 0.29)
  • Bollinger Bands position: NEUTRAL (price touching the middle band)

Volume Analysis: Volume trends suggest a relatively stable institutional interest, with no unusual volume patterns or activity.

News & Sentiment Analysis

Recent Headlines Summary: Neutral headlines on earnings beats and product launches.

Sentiment Assessment: NEUTRAL (mixed sentiment with no clear trend)

Catalyst Identification: None significant in the near term; medium-term catalysts may include potential FDA approvals or regulatory changes.

Market Narrative: The market is likely to be influenced by broader sector trends, which could impact MEDX's direction.

Risk & Volatility Assessment

Beta Interpretation: Low risk (beta 0.38)

Volatility Regime: Low volatility (stock moves less than the market)

Options Market Signals: N/A (no options data available)

Downside Protection: Support levels and risk management considerations:

  • Stop-loss levels: $34.21 (SMA 200), $35.14 (Bollinger Bands Lower)
  • Position sizing: Conservative, considering the low volatility and relatively stable fundamental picture

Market Context & Positioning

Sector Performance: Relative strength within the healthcare sector (biotech ETFs)

Institutional Activity: Volume trends suggest a moderate institutional interest.

Correlation Analysis: MEDX moves less than the market (R-squared interpretation: 0.25)

Relative Valuation: Within its trading range, with no clear value or overvaluation signals

Key Levels & Action Items

  • Critical price levels:
    • Resistance: $36.66 (SMA 20), $38.17 (Bollinger Bands Upper)
    • Support: $35.14 (Bollinger Bands Lower), $34.21 (SMA 200)
  • Breakout/Breakdown Levels:
    • Above $36.66 (SMA 20): potential technical breakout
    • Below $35.14 (Bollinger Bands Lower): potential technical breakdown
  • Time-Sensitive Catalysts: None significant in the near term; medium-term catalysts may include potential FDA approvals or regulatory changes
  • Risk Management:
    • Stop-loss levels: $34.21 (SMA 200), $35.14 (Bollinger Bands Lower)
    • Position sizing: Conservative, considering the low volatility and relatively stable fundamental picture
Generated

MEDX Options Activity & IV Rank

Loading options activity...
Spread Scanner GPU

Each spread is ranked by a composite score built in three stages. Full documentation →

Stage 1 — Base Score (GPU scanner)

score = P(profit) × (credit / spread_width)
P(profit) from short leg delta (1 − |delta|), penalised above 85%. Credit uses mid-price to handle illiquid chains fairly.

Stage 2 — Skew Adjustment (±25% cap)

RR and BF (30-delta) from the persisted per-symbol skew snapshot — wing strikes picked by real greeks.delta, not a moneyness proxy. Put skew boosts bull puts, penalises bear calls. High butterfly boosts iron condors. Calendars are skew-neutral.

Stage 3 — Technical Overlay (±50% cap, 5 groups)
Group 1 · Directional Bias (±0.25)
  • RSI <40 bullish / >60 bearish
  • MACD crossover + histogram trend
  • Price vs SMA 50 & SMA 200
Group 2 · Momentum (±0.10)
  • Stochastic %K <20 / >80
  • Williams %R <−80 / >−20
Group 3 · Volatility (up to −0.25 / +0.15)
  • Blended ATR + straddle expected-move penalty
  • Bollinger Band signal (+ counter-trend penalty)
  • BB width — vol contraction boost for ICs
Group 4 · IV Regime (±0.15)
  • IV rank ≥ 75 → strong boost for credit spreads
  • IV rank < 25 → penalty (selling cheap vol)
Group 5 · Liquidity (penalty up to −0.10)
  • Min open interest across all legs
  • OI < 100 → −0.10 · OI < 500 → −0.05

score = base_score × skew_multiplier × tech_multiplier
Both multipliers are shown per spread. Beta is informational only — ATR already captures realized vol. Full algorithm documentation →

Enter a ticker to scan for optimal spread opportunities.

Evaluates all bull put, bear call, iron condor, and calendar spread combinations using GPU-accelerated analysis.

Skew (Wing IV − ATM IV)
DTE:
Wing Δ:
Metric:
Wing vs ATM
IV(put wing) − IV(ATM), in vol points

How much the OTM put trades above (or below) the at-the-money strike. Measures the height of the put-side tail relative to ATM — i.e. how expensive crash insurance is on this name.

  • Positive (typical) — wing IV > ATM IV. Standard equity put skew: portfolios bid up crash protection, so OTM puts trade richer than ATM.
  • Near zero or negative (unusual) — wing IV ≤ ATM IV. Flat or inverted put side. Common when there's no fear demand, in tightly mean-reverting names, or right after an earnings catalyst clears.
  • Percentile vs own 3-yr history: high = wings rich (good time to sell wing premium); low = wings cheap (good time to buy protection).
  • Not directional — high or low wings don't predict up or down moves. It's a price tag on tail insurance, not a forecast.
Risk Reversal
IV(call wing) − IV(put wing), equal delta on each side

Which side of the smile is the market paying up for? Measures the tilt of the surface — call skew vs put skew at matched deltas.

  • Negative (typical) — puts richer than calls. Standard equity behavior: hedging demand makes puts carry a premium. Most large-caps sit in the −1 to −5 vol-point range.
  • Strongly negative (< −5 pts) — heavy downside hedging, elevated fear, or an upcoming catalyst (earnings, FDA, macro event). Worth flagging.
  • Positive — calls richer than puts. Unusual for equities; signals bullish momentum, short-squeeze positioning, or takeover/M&A speculation.
  • Near zero — symmetric surface. Market sees roughly equal up/down risk. Rare for large-caps; more common in commodities and FX.
Reading them together

Wing-vs-ATM tells you how expensive the tails are. Risk Reversal tells you which side is favored. Combined:

  • High wing percentile + deeply negative RR → strong put bid; stress or major event priced in. Owning protection costs a premium; selling put premium is dangerous.
  • Low wing percentile + near-zero RR → complacency; insurance cheap and balanced. Good environment to add cheap downside hedges.
  • Positive RR + elevated wings → call-side fear-of-missing-out; common in squeeze setups. Upside calls expensive, downside puts not bid.
14 DTE / 10d —
— pts EXTREME
ATM — / Wing —
30 DTE / 10d —
— pts EXTREME
ATM — / Wing —

Percentile is the rank of today's reading within ~3 years of this symbol's own history. High percentile = wings are rich relative to history; not a directional signal. Skew is read off the chain in real time, not from CBOE SKEW.

Volatility Surface

Enter a ticker to render the implied volatility surface.

Volatility Smile

Enter a ticker to render the implied volatility smile.

IV Rank (7 DTE)
IV Rank (30 DTE)
Straddle Price (30 DTE)
Beta Analysis

Risk Metrics

Beta: 0.3357
Alpha: 12.57%
Correlation: 0.2254
R-Squared: 5.1%
Stock Volatility: 19.0%
Market Volatility: 12.8%

Analysis Details

Benchmark: SPY
Data Points: 250
Period: 252 trading days
Interpretation:
Low volatility - stock moves less than market
Beta & Alpha Over Time

MEDX Institutional Ownership (13F)

Latest filings — 2026-06-30

Institutional managers with $100M+ AUM file Form 13F-HR quarterly, due 45 days after quarter end. Holdings are reported gross at quarter-end market value — they are a snapshot, not a real-time position.

  • Shares — long equity positions in this name, aggregated across share classes.
  • Calls / Puts — notional value of long call / put exposure where this ticker is the underlying.
  • % of Float — holder's reported shares divided by the latest diluted shares outstanding. Sums above 100% indicate large custodian / prime broker positions where the same shares are reported by multiple filers.
  • Custodian badge — filers with more than 5,000 holdings are typically broker-dealers / custodians reporting customer-held shares, not active managers.

Each filer is counted once at its latest 13F-HR filing. New filings are ingested on a weekly cadence.

8 filers28,306 shares$1.04M value
# Filer Shares Value % of Total % of Float Period
1 Susquehanna International Group, LLP Custodian 11,500 $422.21K 40.64% — 2026-06-30
2 Virtu Financial LLC 8,779 $322.00K 30.99% — 2026-06-30
3 HORIZON KINETICS ASSET MANAGEMENT LLC 5,189 $190.51K 18.34% — 2026-06-30
4 OSAIC HOLDINGS, INC. Custodian 2,395 $87.92K 8.46% — 2026-06-30
5 Global Retirement Partners, LLC 267 $9.80K 0.94% — 2026-06-30
6 HighMark Wealth Management LLC 167 $6.13K 0.59% — 2026-06-30
7 FMR LLC Custodian 8 $294 0.03% — 2026-06-30
8 Wells Fargo & Company Custodian 1 $32 <0.01% — 2026-06-30
# Filer Notional Value % of Total Period
# Filer Notional Value % of Total Period
MEDX Constituent Performance

Click any bar to view the full quote for that stock.

MEDX Constituents (27 of 28)
Symbol Name Weight % Price 1 Day 1 Week 1 Month
LLY Eli Lilly & Co 18.46% $1279.14 +0.45%+3.13%+7.96%
ABBV AbbVie Inc 8.85% $286.74 +0.39%+1.44%+7.68%
NVS Novartis AG 6.89% $153.81 +1.78%+2.40%+4.72%
JNJ Johnson & Johnson 5.59% $266.3 +0.94%+4.93%-2.08%
IONS Ionis Pharmaceuticals Inc 4.53% $43.42 +1.14%-2.16%-4.72%
BMY Bristol-Myers Squibb Co 4.42% $61.61 +0.21%+4.73%-3.55%
MRK Merck & Co Inc 3.96% $140.61 -3.21%-2.10%-5.43%
AMGN Amgen Inc 3.91% $444.63 +1.22%+4.63%+6.34%
ALNY Alnylam Pharmaceuticals Inc 3.42% $227.66 +1.62%-2.41%-10.85%
BIIB Biogen Inc 3.09% $252.26 +0.63%+8.04%+10.31%
PFE Pfizer Inc 2.86% $29.79 -0.80%+1.19%+3.73%
GSK GSK PLC 2.71% $51.1 +0.69%+3.32%+2.82%
REGN Regeneron Pharmaceuticals Inc 2.06% $807.67 +0.33%+3.28%+7.37%
BEAM Beam Therapeutics Inc 1.51% $23.79 -1.08%-1.65%-1.82%
GALT Galectin Therapeutics Inc 1.14% $3.19 +0.00%-8.73%-18.83%
NTLA Intellia Therapeutics Inc 1.12% $11.26 +0.45%-2.76%-1.40%
REPL Replimune Group Inc 0.73% $12.47 +8.81%+12.85%-0.72%
VNDA Vanda Pharmaceuticals Inc 0.73% $3.94 -1.75%-3.67%-23.79%
HLN Haleon PLC 0.60% $10.2 -0.68%+0.59%+11.23%
LTRN Lantern Pharma Inc 0.55% $0.62 -1.83%-2.73%-42.77%
EDIT Editas Medicine Inc 0.47% $2.4 +0.00%-0.83%-4.38%
GEHC GE HealthCare Technologies Inc 0.28% $71.98 +0.74%+3.18%+7.79%
BCYC Bicycle Therapeutics PLC 0.28% $3.65 +2.82%+3.25%-1.62%
VTRS Viatris Inc 0.26% $18.29 +1.61%+0.16%+0.11%
ALLO Allogene Therapeutics Inc 0.18% $1.21 -3.20%-6.92%-25.77%
PACB Pacific Biosciences of Califor 0.09% $2.25 +6.64%+22.28%+31.58%
DCOY Decoy Therapeutics Inc 0.00% $0.92 -5.12%-21.34%-60.16%